3.4 Contracts

This section presents selected BOR policies in a highly summarized format. It should be considered a guide and used as a source of information for further research. For specific authority on executing contracts, the reader should also research the BOR Policy manual, as well as reviewing written documents delegating authority to the reader’s local institution to sign contracts.

3.4.1 Authority to Execute Contracts

Prior to any delegation of authority, only the Chancellor and the Chancellor’s designee are authorized to:

Enter into rental agreements where the total rent to be paid by the BOR does not exceed $5,000.00 per month.

Sign contracts, agreements, deeds, licenses, or other instruments related to the purchase or gift of real property where the purchase price or gift value does not exceed $100,000.00.

Accept gifts, bequests, agreements or declarations of trust in those instances where the initial gift or trust estate is $100,000.00 or less. The Chancellor may, at his/her discretion, delegate the authority to execute said documents to the Treasurer or to the presidents of the individual USG institutions. However, the Chancellor is not authorized to delegate to the presidents the authority to accept gifts of real property.

Act as contracting officers for and on behalf of the Board of Regents in the execution of construction contracts, contracts for professional services, selection of architects and engineers, execution of contracts for new buildings, etc. However, the authority so delegated shall not exceed the sum of $1,000,000.00 for any one contractual obligation.

The Chancellor and the Chancellor’s designee are authorized to delegate any or all of the above authority to act as contracting officers to the individual USG institutions.

Generally, the authority to sign contracts for the day-to-day operations of an institution has been delegated to the individual institutions. It is imperative that the documented authority is available in the permanent files of the institution as proof of such authorization.